Turkey is a large country with relatively few natural resources. Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for about 25% of employment. It seams its economy is in transition from a high degree of reliance on agriculture and heavy industrial economy to a more diversified economy with an increasingly large and globalized services sector. It has a strong and rapidly growing private sector, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of the global quota system. Other sectors, notably the automotive and electronics industries are rising in importance and have surpassed textiles within Turkey's export mix. Turkey has taken steps to improve its investment climate through administrative streamlining, an end to foreign investment screening, and strengthened intellectual property legislation. A series of large privatizations, the stability fostered by the start of Turkey's EU accession negotiations, strong and stable growth, and structural changes in the banking, retail, and telecommunications sectors have contributed to the rise in foreign investment.

Economic fundamentals are sound, but the Turkish economy may be faced with more negative economic indicators in 2010 as the global economic slowdown continues to curb demand for Turkish exports. In addition, Turkey's relatively high current account deficit, uncertainty related to policy-making, and fiscal balances leave the economy vulnerable to destabilizing shifts in investor confidence.


Labor force:
25.3 million
country comparison to the world: 22
note: about 1.2 million Turks work abroad (2009 est.)

Labor force - by occupation:
agriculture: 29.5%
industry: 24.7%
services: 45.8% (2005)

Unemployment rate:
14.5% (2009 est.)
country comparison to the world: 145
11.2% (2008)
note: underemployment amounted to 4% in 2008

Population below poverty line:
17.11% (2008)

Household income or consumption by percentage share:
lowest 10%: 1.9%
highest 10%: 33.2% (2005)

Distribution of family income - Gini index:
41 (2007)
country comparison to the world: 56
43.6 (2003)

Investment (gross fixed):
20.1% of GDP (2009 est.)
country comparison to the world: 89

Budget:
revenues: $145.3 billion
expenditures: $180.6 billion (2009)

Public debt:
48.5% of GDP (2009 est.)
country comparison to the world: 49
40% of GDP (2008 est.)

Inflation rate (consumer prices):
6.5% (2009)
country comparison to the world: 161
10.1% (2008 est.)

Central bank discount rate:
15% (22 December 2009)
country comparison to the world: 4
25% (31 December 2008)

Commercial bank prime lending rate:
NA%

Stock of money:
$37.1 billion (31 December 2009)
country comparison to the world: 26
$47.5 billion (31 December 2008)

Stock of quasi money:
$313.5 billion (31 December 2009)
country comparison to the world: 13
$311.1 billion (31 December 2008)

Stock of domestic credit:
$210.8 billion (31 December 2009)
country comparison to the world: 32
$326.4 billion (31 December 2008)

Market value of publicly traded shares:
$117.9 billion (31 December 2008)
country comparison to the world: 30
$286.6 billion (31 December 2007)
$162.4 billion (31 December 2006)

Agriculture - products:
tobacco, cotton, grain, olives, sugar beets, hazelnuts, pulse, citrus; livestock

Industries:
textiles, food processing, autos, electronics, mining (coal, chromate, copper, boron), steel, petroleum, construction, lumber, paper

Industrial production growth rate:
-11.8% (2009 est.)
country comparison to the world: 148

Electricity - production:
198.4 billion kWh (2008 est.)
country comparison to the world: 19

Electricity - consumption:
198.1 billion kWh (2008 est.)
country comparison to the world: 18

Electricity - exports:
1.12 billion kWh (2008 est.)

Electricity - imports:
790 million kWh (2008 est.)

GDP (official exchange rate):
$608 billion (2009 est.)

GDP - real growth rate:
-5.6% (2009 est.)
country comparison to the world: 194
0.9% (2008 est.)
4.7% (2007 est.)

GDP - per capita (PPP):
$11,200 (2009 est.)
country comparison to the world: 98
$12,100 (2008 est.)
$12,100 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 9.4%
industry: 25.9%
services: 64.7% (2009 est.)

Oil - production:
43,040 bbl/day (2008 est.)
country comparison to the world: 65

Oil - consumption:
631,800 bbl/day (2008 est.)
country comparison to the world: 27

Oil - exports:
149,100 bbl/day (2008 est.)
country comparison to the world: 60

Oil - imports:
560,000 bbl/day (2008 est.)
country comparison to the world: 22

Oil - proved reserves:
284.7 million bbl (1 January 2009 est.)
country comparison to the world: 54

Natural gas - production:
1.014 billion cu m (2009 est.)
country comparison to the world: 63

Natural gas - consumption:
32.1 billion cu m (2009 est.)
country comparison to the world: 28

Natural gas - exports:
721 million cu m (2009 est.)
country comparison to the world: 38

Natural gas - imports:
33.6 billion cu m (2009 est.)
country comparison to the world: 10

Natural gas - proved reserves:
6.83 billion cu m (1 January 2009 est.)
country comparison to the world: 84

Current account balance:
-$11 billion (2009 est.)
country comparison to the world: 177
-$41.4 billion (2008 est.)

Exports:
$102.2 billion (2009 est.)
country comparison to the world: 34
$132 billion (2008 est.)

Exports - commodities:
apparel, foodstuffs, textiles, metal manufactures, transport equipment

Exports - partners:
Germany 9.6%, France 6.1%, UK 5.8%, Italy 5.8%, Iraq 5% (2009 est.)

Imports:
$140.8 billion (2009 est.)
country comparison to the world: 24
$201.9 billion (2008 est.)

Imports - commodities:
machinery, chemicals, semi-finished goods, fuels, transport equipment

Imports - partners:
Russia 14%, Germany 10%, China 9%, US 6.1%, Italy 5.4%, France 5% (2009 est.)

Reserves of foreign exchange and gold:
$75.3 billion (31 December 2009 est.)
country comparison to the world: 15
$74.2 billion (31 December 2008 est.)

Debt - external:
$274 billion (31 December 2009 est.)
country comparison to the world: 24
$278.1 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$205 billion (31 December 2009 est.)
country comparison to the world: 21
$139.6 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$14.3 billion (31 December 2009 est.)
country comparison to the world: 40
$13.8 billion (31 December 2008 est.)

Exchange rates:
Turkish liras (TRY) per US dollar - 1.5548 (2009), 1.3179 (2008), 1.319 (2007), 1.4286 (2006), 1.3436 (2005)
note: on 1 January 2005, the old Turkish lira (TRL) was converted to new Turkish lira (TRY) at a rate of 1,000,000 old to 1 new Turkish lira; on 1 January 2009, the Turkish government dropped the word "new" and the currency is now called simply the Turkish lira.